CFPB Amends Regulations J and L of Interstate Land Sales Full Disclosure Act to Allow Electronic Filings

CFPB Agency Rule-Making & Guidance

On May 2, the CFPB announced that it is amending implementing Regulations J and L of the Interstate Land Sales Full Disclosure Act (ILSA) to permit electronic filings. Pursuant to ILSA, certain land developers must register their subdivisions and provide prospective lot purchasers with a disclosure statement known as a Property Report. In light of the amendments, the CFPB simultaneously released electronic filing and payment instructions for submitting the requisite registration and filing fees under ILSA.